In a note to investors late last week, analyst Yair Reiner of Oppenheimer said that Apple’s reported revenue may come in slightly below expectations due to some trouble Apple had during the quarter keeping up with booming iPhone demand.

But in the grand scheme of things, it’s always better to have demand outweigh supply than the other way around, and Reiner notes that looking forward, Apple is well positioned to “catch up”, revenue wise, during the upcoming quarter.

With demand for the iPhone apparently outstripping supply, December could be a substantial catch-up quarter, both in terms of sell-through and channel replenishment. Barring any additional component or manufacturing disruptions, we believe our 8M unit assumption for F1Q10 could prove conservative, especially given the iPhone’s expanding carrier footprint.